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They need to have much better results than yhis if Mbe is ever going to be mined, especially when it is going to be difficult and expensive to process the refractory nature of the ore

Not a lot to show from 4 holes 🙁

Are any of you also invested in KZG as the KZG heavy mineral sands grades look higher and it's already in production?

I see MATD shareholders have been bummed again. Could happen to a nicer bunch of *****

The grade and recoveries are too low for it to be economical to extract gold at depth

@GoldGeezer - that is not how JORC exploration targets are calculated. The target is for the whole of Mbe north & south. It won't increase after the assays are released for the remaining holes like you are saying unless they are radically different from the holes where the results have already been released.

I hope it is a genuine mistake and you're not deliberately trying to mislead people

It seems quite a few people are confusing an exploration target with a JORC resource

The last Lanstead payment is towards the end of August so there's 2 left to go

The grade is too low and the metallurgy too complicated for a company to risk building a mine in a new jurisdiction for gold mining.

The refractory ore will need a POX plant for processing and that will make the CAPEX requirement far higher than for other projects in Africa so I don't think Mbe or Bibemi will be at all attractive to larger companies

It's low grade, smaller tonnage than expected and worst of all it contains refractory ore like at Bibemi which is difficult and expensive to process.

I don't know how on earth anyone can think that's positive.

Telluride minerals containing gold are considered refractory, meaning they are difficult to process using conventional cyanidation methods due to their low gold recovery, often below 80%. These ores require specialized treatment techniques to liberate the gold for extraction.

Understanding Refractory Gold Ores:

Definition:

Refractory gold ores are those where a significant portion of the gold is locked within other minerals, making it difficult to dissolve using standard cyanide leaching.

Tellurides as Refractory Minerals:

Gold tellurides, like calaverite, are a common example of refractory gold-bearing minerals.

Why they are refractory:

The telluride minerals can encapsulate the gold, hindering its contact with the cyanide solution, leading to low recovery rates.

Methods to Treat Refractory Telluride Ores:

1. Pre-oxidation:

Roasting: Heating the ore to high temperatures to oxidize the tellurides, making the gold accessible for leaching.

Bio-oxidation: Utilizing microorganisms to oxidize the sulfides and tellurides, exposing the gold for leaching.

2. Direct Leaching:

Chloride leaching: Using chloride solutions with oxidants like iron(III) to dissolve the gold tellurides.

Electro-hydrometallurgical chloride process: Employing a chloride-based process combined with electrodeposition to recover gold.

Thiosulphate leaching: Utilizing thiosulphate solutions as an alternative to cyanide leaching, especially effective for ores with preg-robbing characteristics.

3. Other techniques:

Pressure oxidation: High-pressure oxidation of the ore to break down the tellurides.

Intensive cyanidation: Using higher concentrations of cyanide or adding oxidants to improve leaching rates.

Flotation: Separating the telluride-bearing minerals from the rest of the ore before further treatment.

Examples of Refractory Telluride Ores:

Kalgoorlie, Western Australia.

Cripple Creek, Colorado.

Vatukoula, Fiji.

Key Considerations:

The choice of treatment method depends on the specific characteristics of the ore, such as the type of telluride minerals present, the degree of encapsulation, and the presence of other minerals.

Cost-effectiveness and environmental impact are also important factors in selecting the appropriate treatment process.

A more detailed assessment of the mineralogy of two representative samples from the centre of the BZ1-MRE zone has confirmed that the underreporting is related to the presence of tellurides (predominantly calaverite with lesser petzite) in the system, whereby the tellurides coat the gold during heating and prevent it from it being reported fully during a standard fire assay procedure. This is not the case during photon assay analysis.

Ores with this style of mineralisation, with the gold tellurides being encapsulated in pyrite, are also resistant to conventional direct cyanidation. However, SGS and CS Solutions have, under the guidance of Stirling, completed mineralogical assessments and scouting test work on the same representative samples. This has enabled the development of a provisional mineral processing flowsheet (Figure 1). This work has indicated that approximately 85% gold recovery can be achieved by employing flotation followed by pressure oxidation of a bulk sulphide concentrate and cyanide leaching of the pressure oxidation residue.

Whilst gold telluride mineralogy is somewhat uncommon, ores of this type have been mined and successfully processed for decades at Kalgoorlie in Western Australia, one of the world's richest goldfields (approximately 60 million oz extracted to date since discovery in 1893), Cripple Creek in Colorado (approximately 21 million oz extracted), Fiji and elsewhere.

Whilst gold telluride mineralogy is somewhat uncommon, ores of this type have been mined and successfully processed for decades at Kalgoorlie in Western Australia, one of the world's richest goldfields (approximately 60 million oz extracted to date since discovery in 1893), Cripple Creek in Colorado (approximately 21 million oz extracted), Fiji and elsewhere.

Whilst gold telluride mineralogy is somewhat uncommon, ores of this type have been mined and successfully processed for decades at Kalgoorlie in Western Australia, one of the world's richest goldfields (approximately 60 million oz extracted to date since discovery in 1893), Cripple Creek in Colorado (approximately 21 million oz extracted), Fiji and elsewhere.

Whilst gold telluride mineralogy is somewhat uncommon, ores of this type have been mined and successfully processed for decades at Kalgoorlie in Western Australia, one of the world's richest goldfields (approximately 60 million oz extracted to date since discovery in 1893), Cripple Creek in Colorado (approximately 21 million oz extracted), Fiji and elsewhere.

Whilst gold telluride mineralogy is somewhat uncommon, ores of this type have been mined and successfully processed for decades at Kalgoorlie in Western Australia, one of the world's richest goldfields (approximately 60 million oz extracted to date since discovery in 1893), Cripple Creek in Colorado (approximately 21 million oz extracted), Fiji and elsewhere.

Was there any discussion at the AGM on the metallurgical test work at Bibemi whish showed the gold is refractory and troublesome to process?

This makes it unlikely Bibemi will attract further investment as I can't see why anyone would want a small deposit in a new jurisdiction where the gold would be expensive to process

The JORC resource is 440k oz but that's spread out over a large area and some is deep.

The open pip they are looking to develop is estimated to yield 116k oz over 7 years so an average of around 16k oz per annum

Https://www.lse.co.uk/rns/BMV/pre-feasibility-study-batangas-gold-0hsg8u2sw0pv0hd.html

Here's a link to the PFS for Batangas.

It plans for an open pit to extract 116,000 oz of gold over 7 years of production.

It's disappointing there has been so little progress with Managem at Senala.

We really need some positive news now to stem the decline in the share price.

It's all been a bit of a let down since the JVs were signed with BCM.

The grades at Mbe so far have been far lower than expected and Bibemi might be a write off due to the metallurgical work which showed the deposit is composed of refractory gold that is very difficult and expensive to process. You might get away with it in Australia but not in a new jurisdiction for gold mining in Africa

I don't see how the reverse takeover can proceed if the company can't issue new shares

Philippine deal will be a damp squib with BMV receiving a royalty in a small asset that will take a while to get into production.

Nice for the insiders to receive warrants and convert shares at 0.23p which is less than half the share price on Friday 👍